Wolfspeed (NYSE:WOLF) Downgraded by Wall Street Zen to Strong Sell

Wall Street Zen lowered shares of Wolfspeed (NYSE:WOLF) from a sell rating to a strong sell rating in a report issued on Saturday,Wall Street Zen reports.

Several other brokerages have also recently issued reports on WOLF. TD Cowen restated a “hold” rating and set a $25.00 price objective on shares of Wolfspeed in a research note on Thursday, August 20th. Weiss Ratings upgraded Wolfspeed from a “sell (d-)” rating to a “sell (d)” rating in a research report on Monday, August 24th. Finally, Susquehanna lowered their price target on Wolfspeed from $40.00 to $30.00 and set a “neutral” rating for the company in a report on Tuesday, July 21st. One investment analyst has rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $25.00.

Wolfspeed Price Performance

WOLF opened at $25.61 on Friday. Wolfspeed has a 12-month low of $8.05 and a 12-month high of $80.82. The stock has a market capitalization of $1.36 billion and a PE ratio of -1.63. The firm’s fifty day moving average price is $27.54 and its 200 day moving average price is $33.87.

Wolfspeed (NYSE:WOLF) last released its earnings results on Wednesday, August 19th. The company reported ($2.26) earnings per share for the quarter, topping the consensus estimate of ($2.45) by $0.19. The company had revenue of $149.60 million during the quarter, compared to the consensus estimate of $150.00 million. Wolfspeed’s revenue for the quarter was down 24.1% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.77) EPS.

Hedge Funds Weigh In On Wolfspeed

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Renesas Electronics America Inc. bought a new stake in shares of Wolfspeed in the 2nd quarter worth approximately $813,126,949. Shah Capital Management increased its position in Wolfspeed by 1,419.5% in the first quarter. Shah Capital Management now owns 508,948 shares of the company’s stock worth $8,306,000 after buying an additional 475,454 shares during the period. Panview Capital Ltd bought a new stake in Wolfspeed in the second quarter valued at $6,952,000. Readystate Asset Management LP bought a new stake in Wolfspeed in the second quarter valued at $6,841,000. Finally, SG Americas Securities LLC acquired a new position in shares of Wolfspeed during the first quarter valued at $6,671,000.

Wolfspeed Company Profile

Wolfspeed, Inc is a semiconductor company focused on silicon carbide and gallium nitride technologies. The company develops and manufactures power semiconductors, materials and related components designed to improve energy efficiency and performance in high-power electrical systems.

Its product portfolio includes silicon carbide materials, discrete power devices, power modules and radio-frequency products. These products serve applications such as electric vehicles, charging infrastructure, renewable energy systems, industrial equipment, telecommunications, aerospace and defense.

Wolfspeed was formerly known as Cree, Inc, which was founded in 1987.